November 16, 2015
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Wright Medical Group releases Q3 financial results

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Wright Medical Group N.V. recently announced its financial results for the third quarter of 2015.

“The close of our merger with Tornier marked a significant milestone for our company, creating the premier, high-growth Extremities and Biologics company uniquely positioned with leading technologies and specialized sales forces in three of the fastest growing areas of orthopedics — Upper Extremities, Lower Extremities and Biologics,” Robert Palmisano, president and chief executive officer of Wright Medical Group N.V., stated in a company release. “Our focus now is on bringing our organizations together to accelerate our business momentum and minimize disruption, and we have gotten off to a strong start.”

The company posted $80.1 million in net sales, a year-over-year increase of 12%. Net losses from the quarter from continued operations totaled $62.7 million, or $1.22 per diluted share, compared with $49.6 million and $0.99 per diluted share in the third quarter of 2014. Revenue from extremities products totaled $66.1 million, a 0.5% year-over-year increase from $65.8 million and a 5% increase in constant currency.

“Third-quarter results for our legacy Wright business continued to demonstrate the strong growth of our U.S. foot and ankle business and ongoing improvement in our international business. Specifically, our U.S. foot and ankle business grew 24% in the quarter … ,” Palmisano stated in the release. He attributed part of this growth to the “ … launch of our INFINITY total ankle system, which drove 54% sales growth in U.S. total ankle replacement. In addition, our U.S. commercial launch activities for AUGMENT Bone Graft are off to a positive start following final FDA approval in September.  We believe this product, coupled with continued strong growth in our core U.S. foot and ankle business, will continue to fuel positive momentum for the remainder of the year and beyond.”  

Reference:

http://phx.corporate-ir.net/phoenix.zhtml?c=129751&p=irol-newsArticle&ID=2106734